Agenda - Economic Development Authority - 05/24/2005

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86 ARTICLE II FORM, EXECUTION AND REGISTRATION OF BONDS Section 2.01 Form. Maturities and Denomination of Series 2005A Bonds. The Series 2005A Bonds shall be designated "Economic Development Authority of the City of Rarnsey, Minnesota, $19,200,000 Public Project Lease Revenue Bonds, Series 2005A (City of Ramsey, Minnesota Lease Obligation)". The Series 2005A Bonds, forms of assignment and certificates of Trustee shall be substantially in the respective forms set forth in the recitals hereof. The Series 2005A Bonds shall be in printed form in the denomination of $5,000, or any integral multiple thereof, initially numbered R-1 upwards in order of issuance or in such other manner as the Trustee may determine, and shall be dated the Date of Original Issuance. The Series 2005A Bonds issued in exchange for or transfer of other Series 2005A Bonds shall, bear interest from the date to which interest has been paid on the Series 2005A Bonds being surrendered for exchange on transfer. The Series 2005A Bonds shall bear interest payable semiannually on June 15 and December 15 of each year, commencing rune 15, 2006. The principal or redemption price (if applicable) of the Series 2005A Bonds shall be payable to the Holder upon presentation and surrender at the office of the Trustee, except as otherwise provided in Section 2.09. The Series 2005A Bonds shall be payable in such coin or currency of the United States of America as may at the time be legal tender for the payment of public and private debts, and interest on Series 2005A Bonds shall be paid by check or draft mailed to the Holder at the Holder's address. The Regular Record Date referred to in Section 2.05 for the payment of interest on the Series 2005A Bonds payable on any Interest Payment Date shall be the first day (whether or not a Business Day) of the calendar month of such Interest Payment Date. The Series 2005A Bonds shalI be in the aggregate principal amount of $19,200,000 and shall mature on December 15 in the years and amounts and shall bear interest at the rates per annum, according to years of maturity, as follows: Year Amount Interest Rate Year Amount Interest Rate 2009 2019 2010 2020 2011 '. 2021 2012 2022 2013 2023 2014 2024 2015 2025 20t6 2026 2017 2027 2018 Section 2.02 Execution of Bonds. The Bonds shall be executed in the name of the Issuer by the manual or facsimile signatures of the Chair and Vice Chair of the Issuer, and said signatures shall be authenticated by the manually executed signature of a Responsible Officer of the Trustee, which is hereby designated as authenticating agent for the Bonds. The official seal of the Issuer shall be omitted from the Bonds, as permitted by law. In the event that any of the 1763903vi